2006-08-23 15:06:35 · 6 answers · asked by emkay60613 2 in Business & Finance ➔ Small Business
I would think that should be covered in the corporate charter. Probably would take a vote of the board.
2006-08-23 15:08:00 · answer #1 · answered by auntiegrav 6 · 0⤊ 0⤋
You need to read the Articles of Incorporation to find out how that is spelled out. Usually, the day to day business is handled by the hired executives, while the overview and direction of the corporation is governed by the Board of Directors. Since they are elected by the stockholders, the President and Secretary can be changed at the pleasure of the stockholders. I would think the Board would have the sole power to declare bankruptcy and not the President.
2006-08-23 15:10:19 · answer #2 · answered by united9198 7 · 0⤊ 0⤋
Legally, anyone that qualifies can file. However, some employers can and will consider your personal finances/business/ethics/etc as grounds or basis for employment.
For example: banks frown upon hiring or continueing to employee someone that's filed for bankruptcy. Their philosophy is: if you can't take care of your own personal finances, how can you take care of that of the customers. Also, if you're in financial turmoil, you may be apt to attempt embezzling.
So, while you CAN file, doing so very well may jeopardize your job. Find out from your employer first. Then again, if you truly qualify, then you probably don't have a choice and "have" to anyway, which ultimately means that the chips will fall where they may.
2006-08-23 19:17:20 · answer #3 · answered by Proverbs31Mom 3 · 0⤊ 0⤋
Depends upon the corporation's bylaws. These determine which/how many officers' consent is needed to take a given action.
2006-08-23 15:08:38 · answer #4 · answered by Five Towns Scientist 1 · 0⤊ 0⤋
Are you "incorporated?"
President...
Manager...
Treasurer...
If you are not a 501c3...
You have no grounds to file, except for personal...
The law allows ANYONE to file for bankruptcy...You need serious legal advice.
2006-08-23 15:15:32 · answer #5 · answered by Skeeter63 4 · 0⤊ 0⤋
Depends. better ask a lawyer
http://www.idearibbon.com
2006-08-23 15:44:34 · answer #6 · answered by Idea Ribbon 3 · 0⤊ 0⤋